Caroline Litchfield
Summary
Caroline Litchfield has been Merck’s executive vice president and chief financial officer since April 1, 2021, after more than three decades in the company’s finance organization.
Biography
Litchfield joined Merck’s U.K. business in 1990 and has held finance positions across country, regional, and global operations. Before becoming CFO, she served as Merck’s treasurer, overseeing treasury, tax, and investor relations. From 2014 to 2018, she led finance for Merck’s Human Health business across approximately 100 markets. Litchfield also served as finance lead for Merck’s Emerging Markets region when it was established after the 2009 merger with Schering-Plough, where Merck says she played an important role in integrating the two organizations. As CFO, she is responsible for finance, procurement, and real estate operations. Litchfield earned a bachelor’s degree in mathematics from the University of Leicester and is a fellow of the Chartered Institute of Management Accountants; she also joined Verizon’s board in 2024.
Notable achievements
- Built a long Merck career across country, regional, and global finance roles before becoming CFO.
- Helped integrate finance operations following Merck’s 2009 merger with Schering-Plough.
- Led finance for Merck’s Human Health business across roughly 100 markets from 2014 to 2018.
- Oversaw treasury, tax, investor relations, procurement, and real estate responsibilities as part of Merck’s senior finance leadership.
Problem areas / controversies
- Merck’s finance organization has had to manage weaker Gardasil sales, particularly in China, during her tenure as CFO.
- The company faces significant planning and capital-allocation pressure because of Keytruda’s eventual loss of exclusivity and the need to fund replacement products.
- Merck’s international sales declined in 2025, reflecting lower Gardasil, Lagevrio, Januvia, and other product sales as well as currency effects.
- There is no widely reported personal controversy involving Litchfield; the principal concerns relate to companywide financial, product-cycle, and execution risks.